K2 Principal Fund L.P. Buys New Holdings in Panera Bread Co (PNRA)
K2 Principal Fund L.P. bought a new position in shares of Panera Bread Co (NASDAQ:PNRA) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 19,564 shares of the company’s stock, valued at approximately $6,156,000.
Several other institutional investors have also added to or reduced their stakes in PNRA. FNY Managed Accounts LLC acquired a new position in shares of Panera Bread during the 1st quarter valued at about $156,000. BT Investment Management Ltd acquired a new position in shares of Panera Bread during the 2nd quarter valued at about $203,000. United Capital Financial Advisers LLC acquired a new position in shares of Panera Bread during the 1st quarter valued at about $206,000. PICTET BANK & TRUST Ltd acquired a new position in shares of Panera Bread during the 1st quarter valued at about $209,000. Finally, Neuberger Berman Group LLC acquired a new position in shares of Panera Bread during the 1st quarter valued at about $225,000. 96.66% of the stock is owned by institutional investors and hedge funds.
PNRA has been the topic of several recent research reports. BidaskClub cut shares of Panera Bread from a “buy” rating to a “hold” rating in a research report on Thursday, July 6th. Zacks Investment Research raised shares of Panera Bread from a “hold” rating to a “buy” rating and set a $352.00 price target on the stock in a research report on Tuesday, July 4th. Finally, Sanford C. Bernstein reissued an “outperform” rating on shares of Panera Bread in a research report on Monday, July 3rd. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and nine have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $279.27.
About Panera Bread
Panera Bread Company is a food service company. The Company is a national bakery-cafe concept. As of December 27, 2016, the Company operated 2,036 own and franchise-operated bakery-cafe locations in 46 states, the District of Columbia, and Ontario, Canada. It operates through three segments: Company bakery-cafe operations, franchise operations, and fresh dough and other product operations.
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